Mr. Tim Heenan reports

MIRASOL DOUBLES THE SOBEK COPPER-GOLD PROJECT IN VICUNA DISTRICT, CHILE, THROUGH OPTION AGREEMENT WITH SQM ON ADJACENT ROSITA PROPERTY

Mirasol Resources Ltd. has signed a landmark option agreement with Sociedad Quimica y Minera de Chile SA (SQM), doubling the size of the flagship Sobek copper-gold project in the Vicuna copper-gold-silver district of northeast Chile. The SQM property (Rosita) covers 11,500 hectares, extending the Sobek project to the west and to the east, and unifying the Sobek Central block with the Sobek North block, which was an important factor in this consolidation. The combined property has doubled Mirasol's landholding in the district for a total of 22,640 hectares. The eastern portion of the Rosita property positions Mirasol within three kilometres of the giant Filo Del Sol project and the Sobek North block is three kilometres from Lunahuasi discovery, both within the heart of the Vicuna copper-gold district.

"The strategic expansion of the Sobek project to include the sought-after SQM Rosita property firmly secures Mirasol as a key player amongst industry-leading companies in the globally recognized Vicuna copper-gold district," stated Tim Heenan, Mirasol's president and chief executive officer. "The increase to our property size significantly increases the exploration potential and expands Sobek further to the east, just three kilometres west of the Filo del Sol project."

Mr. Heenan added: "The Rosita field program will commence immediately, with a dedicated exploration team conducting mapping and geochemical sampling in parallel with a property-wide stream sediment program to define areas of elevated interest. Now that the agreement has been signed, Mirasol can access the Rosita property to evaluate both AirMag and MT [magnetotelluric] targets from Mirasol's district-wide proprietary geophysical database."

High-profile Vicuna copper-gold-silver district

Mirasol staked the Sobek project in 2016 based on prospective local geology and attractive structural architecture, prior to the 2021 discovery of the high-grade feeder zone at the Filo del Sol gold-copper deposit. The expanded Sobek project is located on the same regional trend and just three kilometres to the west of the Filo del Sol deposit, and three km to the southwest of NGEx Mineral's discovery at Lunahuasi (formerly Potro Cliffs).

Sobek is located within a prospective geological environment with a compelling north-northeast-trending mineralized structural corridor crosscut by a north-northwest-trending deep-seated trans-cordilleran lineament. This is a common structural configuration hosting several southern Andes metal deposits in both Chile and Argentina.

The expanded and consolidated Sobek project now comprises a large block totalling 22,640 hectares of exploration and mining claims in four strategic locations, the North, Central and South blocks, and the Rosita property, within the Vicuna copper-gold-silver district. The high-profile district includes multiple deposits in close proximity of Sobek, including the Filo del Sol mid-Miocene epithermal porphyry gold-copper deposit to the east, the recent NGEx discovery at Lunahuasi (formerly Potro Cliffs) to the northeast, the Josemaria copper-gold project 10 km to the east-northeast, the Los Helados porphyry copper-gold breccia system 20 km to the northeast, and the giant Eocene El Morro porphyry copper-gold deposit 16 km to the west-southwest.

Key terms of the agreement

SQM has granted Mirasol the exclusive option to earn 80 per cent of the Rosita project over six years, subject to a 2-per-cent net smelter return (NSR) royalty, by:

• Incurring $4-million (U.S.) in exploration expenditures:
  • Year 1: $150,000 (U.S.);
  • Year 2: $250,000 (U.S.);
  • Year 3: $400,000 (U.S.);
  • Year 4: $700,000 (U.S.);
  • Year 5: $1-million (U.S.);
  • Year 6: $1.5-million (U.S.).
• Making annual option fee payments for a total of $3-million (U.S.) over six years:
  • At signing: $30,000 (U.S.);
  • Year 1: $45,000 (U.S.);
  • Year 2: $75,000 (U.S.);
  • Year 3: $200,000 (U.S.);
  • Year 4: $350,000 (U.S.);
  • Year 5: $700,000 (U.S.);
  • Year 6: $1.6-million (U.S.).

Upon completion of the option, Mirasol will have earned an 80-per-cent interest in the Rosita project and SQM will retain a 20-per-cent interest plus a 2-per-cent NSR. Mirasol and SQM will then form a Chilean mining contractual company covering the Rosita project, with 80 per cent of the shares owned by Mirasol and 20 per cent of the shares owned by SQM.

To discuss the importance of this landmark option agreement, Tim Heenan, Mirasol's president and chief executive officer, will be hosting a webinar on a date to be announced.

About Mirasol Resources Ltd.

Mirasol is a well-financed exploration company with 19 years of operating, permitting and community relations experience in the mineral-rich regions of Chile and Argentina. Mirasol is currently self-financing exploration at two flagship projects, Sobek and Inca Gold, both located in Chile, and controls 100 per cent of the high-grade Virginia silver deposit in Argentina. Mirasol also continues to advance a strong pipeline of highly prospective early- and mid-stage projects.

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